East African Portland Cement has appointed James Oduor as an independent non‑executive director as part of board changes following the acquisition of a controlling interest in the company by Kalahari Cement.
In a notice on April 10, the company said the appointment takes effect immediately as it realigns board representation following the change in ownership.
“Following the successful acquisition of a controlling interest in East African Portland Cement PLC (EAPC) by Kalahari Cement, the Company continues to implement strategic changes to its Board composition to align with its turnaround and growth objectives,’ stated the company.
Profile of James Oduor
James Oduor brings more than 24 years of experience across multinational companies operating in Africa and currently serves as Chief Financial Officer and a member of the executive committee at Lemi National PLC in Ethiopia, one of the country’s largest cement producers.
According to the company, James Oduor has extensive experience in financial management, strategic execution, and operational leadership within the cement industry.
His background also spans advisory roles focused on business restructuring, mergers and acquisitions, and operational improvements.
Prior to joining Lemi National PLC, James Oduor served as Deputy Chief Executive Officer, responsible for Strategy and Implementation, at Dev Dawn Consulting & Investment (Pty) Ltd, a business advisory firm specializing in manufacturing strategy and corporate restructuring.
His broader industry exposure includes building materials, fast‑moving consumer goods, agriculture, and food production.
The company said Oduor’s experience is expected to support board oversight as East African Portland Cement PLC continues efforts to improve operational performance and strengthen its financial position.
Also Read: Portland Cement Announces Board Changes After Takeover by Tanzanian Billionaire
NSSF Steps Down From the Company’s Board
The appointment comes alongside the exit of the National Social Security Fund (NSSF) from the board, which was represented by David Koros.
East African Portland Cement thanked NSSF and Koros for their service and contributions during their tenure on the board.
“The Board announces the exit of the National Social Security Fund (NSSF), represented by Mr. David Koros, from the Board,” said the company.
The board changes follow Kalahari Cement’s acquisition of a controlling stake in the company, which prompted a review of governance structures to reflect the firm’s evolving ownership and strategic direction.
New Owners Take Control After Buying a Majority Stake
The board changes follow Kalahari Cement’s acquisition of a controlling 68.7–69% stake in the company, completed in stages in 2025.
Kalahari Cement, a subsidiary of Tanzania’s Amsons Group, first acquired a 29.2% stake (26.3 million shares) from Holcim-linked entities, with the transaction completing on 4 November 2025 at KSh 27.30 per share (total ≈ KSh 719 million).
This was followed by the signing of a share purchase agreement on 25 November 2025 to buy the NSSF’s 27% stake for KSh 1.6 billion at KSh 66 per share.
The NSSF sale was completed in December 2025, following regulatory approvals from the CMA, CAK, and the Ministry of Mining.
Combined with Bamburi Cement’s existing 12.5% stake, this gave Kalahari effective control of approximately 68.7–69% of Portland Cement, triggering the board changes.”
This was followed by the purchase of the NSSF’s 27% stake for KSh 1.6 billion at KSh 66 per share. Combined with Bamburi Cement’s existing 12.5%
The deal was approved by the Competition Authority of Kenya (CAK), subject to retaining all 924 employees for 18 months, and received a Capital Markets Authority (CMA) exemption from a full takeover offer.
Also Read: Anxiety Over Fate of 924 Portland Cement Employees After Takeover
Fresh Investment and Strong Recovery for the Cement Maker
Amsons Group is a Tanzanian company with businesses in manufacturing, energy, transport, retail, and property.
It is led by businessman Edha Nahdi, who has overseen the group’s expansion across the region, including the acquisition of full control of Bamburi Cement in 2024.
He has pledged over KSh 26 billion to modernize Portland Cement’s Athi River/Kajiado plant, including the construction of a new energy‑efficient clinkerisation facility, with the aim of increasing annual production capacity from 1.3 million tonnes to nearly 4 million tonnes within three years.
In the half-year ended December 2024, revenue grew, gross profit turned positive, and the company posted a net profit after tax, compared with prior-period losses.
Full-year 2024/25 results showed net profit of approximately KSh 1.07 billion, driven by cost management, operational efficiencies, and improved market conditions.
Shares on the Nairobi Securities Exchange have more than doubled in the past year, recently trading around KSh 80–82 with a market capitalization of approximately KSh 7.3 billion.
